Company selling 12,981,704 shares at March 28 closing share price
By Angela McDaniels
Tacoma, Wash., April 1 - Rainmaker Systems, Inc. is selling $5.84 million of common stock to members of its board of directors and other investors in a registered direct offering.
The investors will buy 12,981,704 shares for $0.45 each. The price per share is equal to the closing share price on March 28.
The offering is expected to close on April 3, according to a company news release.
Proceeds will be used for general corporate purposes, including working capital and capital expenditures.
Campbell, Calif.-based Rainmaker Systems provides business-to-business and cloud-based e-commerce services meant to increase online sales and renewal for products, subscriptions and training for enterprises in computer hardware and software, and information services industries.
| Issuer: | Rainmaker Systems, Inc.
|
| Issue: | Common stock
|
| Amount: | $5,841,767
|
| Shares: | 12,981,704
|
| Price: | $0.45
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | April 1
|
| Settlement date: | April 3
|
| Stock symbol: | Nasdaq: RMKR
|
| Stock price: | $0.45 at close March 28
|
| Market capitalization: | $11.76 million
|
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